Muscat: The Supreme Council for Planning (SCP) held their second meeting to review their plan for Oman 2040.

The meeting was was chaired by His Excellency Dr. Ali bin Masoud bin Ali El Sunaidy; the Ministry of Commerce and Industry (MOCI), the Deputy President of SCP, and the membership of their eminence the SCP members.

The Council reviewed the procedures performed by the PSC General Secretariat to develop the tenth Five-Year (2021-2025 ) which shall be the first executive plan for the future vision "Oman 2040”.

They also reviewed the executive position of the sectors of the ninth Five-Year Development Plan (2016-2020), the major strategic projects, other key development projects, how to address challenges encountering some of these projects, and the alternative finance plans available during the upcoming phase.

The Council also reviewed Oman's Economic Performance Report, and the local and global economic situation, including government companies' investments and GDP indicators.

Oman's GDP exceeded OMR 30 billion at current prices by the end of year 2018, despite the decrease in oil prices, thanks to the policies adopted by the Government during the first four years of the plan.

The GDP also grew with the help of economic diversification projects (Tanfeedh), an increase in government and private sector investments that aimed at reducing dependence on oil revenues to finance production projects.

The SCP also reviewed the Great Strategic Financial Projects Follow Up Report that is in progress in different governorates of the Sultanate of Oman, particularly, those to be carried out in the Economic, Free and Industrial Zones and Ports.

Council members also discussed various social projects and schemes, particularly those pertinent to the health sector.

The SCP reviewed several Urban Planning projects, including the controls to increase the maximum limits of commercial and residential buildings heights; in addition to other topics on their agenda.